MicroStrategy, an enterprise business intelligence software vendor, has made headlines in the cryptocurrency space for its large purchases of Bitcoin. Led by the enthusiasm of its executive chairman and former CEO, Michael Saylor, the company has acquired over 140,000 BTC to date.

While Saylor is a vocal Bitcoin enthusiast and believes in the long-term potential of the digital asset, not everyone agrees that the company’s approach is wise.

Hal Press, the founder and CEO of North Rock Digital, a cryptocurrency-focused investment fund, recently criticized MicroStrategy’s Bitcoin strategy, calling it “comically stupid.” In a series of tweets, Press argued that leveraging a software company to acquire Bitcoin in this way adds nothing to its core business and is not a smart move.

Press also pointed out that every single Bitcoin owned by MicroStrategy will need to be sold eventually, which could lead to a career-making short for those who take the opposite bet. However, he did concede that there is a chance that MicroStrategy’s Bitcoin strategy could be profitable in the short term.

Despite the criticism, MicroStrategy’s Bitcoin bet continues to gain value. Bitcoin was trading at $28,373 at press time, up 1.59% on the day and 40.49% on its monthly chart. This puts the current value of MicroStrategy’s Bitcoin holdings at close to $4 billion.

It is worth noting that Saylor has been a vocal Bitcoin supporter for years, and he believes that the flagship cryptocurrency has the potential to emerge as a freedom machine. He led MicroStrategy to adopt the Bitcoin strategy back in August 2020, and the company has been making large purchases of digital assets ever since.